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2� 1 ��7�78 q43351217fi53 �255 675 D��3 B. Prvperty lnsurance.�� ng as the �wners �►ssoci�tion m�intains, w�t� a �enera�l� acce�fe� insurance �arr�er, a "m�ster" or "b�anket" palicy insu��n� the Pra�er�y vUhich �� sa��sfactory to Lend�r and vwhich �rvui�es insuran�e cave��ge in �he amounts �inciuding deduct�b�e I�vels�, fvr the �eriods�, an� ag�inst �oss by fir�, �a�ards �r�Glude� vW�thin the te�� #'e�tended cav�r�ge," arrd �ny ot�er ha�a�ds, includ�nc�, �ut n�� imite� ��, earkhquakes an� floods, for whi�h L�n�e� r�qufres insurance, �M�n: ��} Len�er waiv�s the pro�is�on �n Sectivn 3 far fhe �erifldic Paym�nt to I�en�er +af the year�� pre�n�um �nstal�ments fo� �roperty insurance on the Pr�pert�; an� �ii} BQr�ov�er's ob��gati�n un�er �ection 5 ta main�ain �roperty insurance ��verage on the Praper�y is deemed s�ti�fie� t� the ex��n� that �he required co�e�age is pro��ded by the �]wners Ass�ciat�o� �lic�. 1�11hat Len��r require� as a c�ndition of this waiver can �h�nge dur�r�g the terrn of the ioan. 8a�rower sh�� g�ve L�nder p�om�t r�atic� of �ny �a��e in requir�� proper�y insu�ance c�uera�� rovided by th� m�s��r or bl�n�Cet po�i�y. �r� the e�ent of a d�stribution ot ��er#y �ns��ar�ce �rQ�eeds �n 1�eu �f ��torat�vn ar ��pair fol�c�vuing a I�s� tv #�� Prop�r�y, ar to cornmon area� and faciliti�s �f the PUD, �r�y proceeds payab�e t� �orrawer ar� h�r��y �ssi�n��! ar�� a!! b� pa�d to Lender, L�en�e� �ha�1 apply the proceeds to th� �urris s�cur�� by #he Security fnstrument, whethe� vr no� then due, v�►ith#he ex�es�, if any, �a��3orr�wer. �. Pubiic Liabilit�Insurance.8or��we� sha#� take su�h �cti�n� as may be reasonabfe �o i�s�r� that th� �ner� Associati�n mair�tains a pubiic ��ability insuran�� aiicy ��ce�t�bl� in form, amoun�, and extent af c��erage to Le��er. Q. �onde�nat��n. The pro�eeds of an}� avUard or �lairn f�r damages, direct or consequentia�, pa�ahle to Borr�wer in �onne�tivrr with any con��mn�t'ron �r �ther tak�ng of a�� or any �art �f the Prt��ert� or the camm�n areas and facilities vf �he RU�, or for ar�y convey�nce in lieu of co��mnation, a�� h�reb� assign�� and shai� be paid ta Lender. �uch procee�s �hall be ��p�ied �y Lender to �he sums secured by t�e S�c��y !ns#rument as �rovi�ed �n �ection �1. E. Len�ler's Prior Consen#. ��rraw�r sha�# not, except after notice to Ler�� and with Lender's priar wr�i�ten ��nsent, either ��t��ivn or �ubd�u�de th� Pro�e�#y �r c�nsent �a: �i} the a�band�r�mer�t Q� ��rrr�ina��n �f the �UD, �xc��t f�r a�and�r�men� �r term�nation required b� law in the case �f su�stantia� destruct�ar� �y ftre or vt�e� casu��ty o� �n �he ��se �f a t�kin� by con��mnat��n or et�r��nent dorr��n; �ii} �n�r ar�en�m�nt tv any provision �f fhe "C�nsti�uen� Qacum�nt�" if the pr�vision is f�r �h� �x��ess ��nef�t af L�rtder; �i�t� terrr�i�a��Qn �f �r�fes��on�l m�nagement and assumptior� af �e�f-mar�agemer�t af �� C�vuner� Assaci�tion; or �iv� any action v�hi�h woul� have tM� effe�t of rend�rin� �he pubii� �iability insur�nce c�v�ra�e maintain�d by fhe�wners ass�ciatian un�cc��ta��e �� Let��er. F. Rem�dies. �f Borro�� d�� nofi p�}� F�UD d�� nd ��esSments �vhen due, th�n L�nd�� may �ay �hem. Any amour��s ��i�urs�� I Lerr�� un��r this par�gr�ph F sha!! �ecvme additianai de�� f E��r�wer s�cur�d �y �� rit� �nstrum�nt. Un1e�� B��rowe� �n� L�n��r ��ree t� �t��r �e�ms �f pa}�r��r�t, the�e �rno�r�t� shall bear ir�tere�t fr�m #he �at� �f disbursemen� at �h� Not� ra�e and sh�� be �a�ra��e, �nr�� intere�t, upon nQt��e frarn �.en�e� to Bar�ower request�n� �ay�ent. - � ML�LT��STATE PUD R#DER� 5in��e F�mil� �- Fann�eMa�IFredd��M N� � M 1NSTRUIIIf�NT VMP -7F� �Q81�} Pag��of 3 �r�it��: �,� Form �1�� '�lD�I